CSWC · 10-K filed 19 May 2026 · year to 31 Mar 2026

Capital Southwest

17 named things its latest annual report says its results depend on, each in the company's own words. 11 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Healthcare sector

insures or lends tonamed as a risk

Our investments in the healthcare sector are subject to substantial risk.Risk factors (Item 1A)

Also named by KEY

Lower middle market (LMM) companies

concentrated innamed as a risk

Past economic downturns or recessions have had a significant negative impact on the operating performance and fair value of LMM companies.Risk factors (Item 1A)

Business services sector

insures or lends tonamed as a risk

Adverse economic, business, or regulatory developments affecting the business services sector could have a negative impact on the value of our investments in portfolio companies operating in this industry, and therefore could negatively impact our business and results of operations.Risk factors (Item 1A)

Partners and platforms

SPV Credit Facility

depends on · total commitments of $200.0 million of which $100.0 million was drawnnamed as a risk

As of March 31, 2026, the SPV Credit Facility provides us with total commitments of $200.0 million of which $100.0 million was drawn.Risk factors (Item 1A)

Also named by FDUS

Corporate Credit Facility

depends on · up to $510.0 million of which $245.0 million was drawnnamed as a risk

As of March 31, 2026, the Corporate Credit Facility provides us with a revolving credit line of up to $510.0 million of which $245.0 million was drawn.Risk factors (Item 1A)

Trinity Capital Inc.

$50 million capital commitmentnamed as a risk

CapTrin is owned equally by the Company and Trinity, with each holding a 50% equity interest and making a $50 million capital commitment, of which $21.0 million has been funded by each of the Company and Trinity as of the date hereof.Business (Item 1)

Small and regional banks

depends onnamed as a risk

Our business is dependent on bank relationships, including small and regional banks, and we proactively monitor the financial health of banks with which we (or our portfolio companies) do or may in the future do business.Risk factors (Item 1A)

Also named by FDUS

Nasdaq Global Select Market

subject to

Our common stock is listed on the Nasdaq Global Select Market.Risk factors (Item 1A)

Also named by CGBD

Moody's Ratings Services

depends on

We also maintain investment grade ratings from both Moody's Ratings Services and Fitch Ratings, which provide us the opportunity and flexibility to obtain additional, attractive long-term financing options to supplement our capital structure, including the unsecured notes with fixed interest rates we issue.Business (Item 1)

Places

Dallas, Texas

operates in · thirty-six employees

All of our employees are located in our principal executive offices in Dallas, Texas.Business (Item 1)

Also named by MAA, RHP

Commodities and inputs

SOFR

exposed to its price · approximately 95.5% of our debt investment portfolio (at fair value) bore interest at floating ratesnamed as a risk

As of March 31, 2026, approximately 95.5% of our debt investment portfolio (at fair value) bore interest at floating rates, 100.0% of which were subject to contractual minimum interest rates.Market risk (Item 7A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

Regulators

U.S. Small Business Administration (SBA)

subject to · $223.0 million in SBA-guaranteed debentures outstandingnamed as a risk

If the SBIC Subsidiaries fail to comply with applicable regulations, the SBA could, depending on the severity of the violation, limit or prohibit the use of the debentures, declare outstanding debentures immediately due and payable, and/or limit the SBIC Subsidiaries from making new investments.Risk factors (Item 1A)

Also named by AUB, CASH, CUBI, FDUS, HTGC, MAIN, RLI

U.S. Securities and Exchange Commission (SEC)

subject to

On August 11, 2021, we received an exemptive order from the SEC to permit us to exclude the senior securities issued by the SBIC Subsidiaries from the definition of "senior securities" in the asset coverage requirement applicable to the Company under the 1940 Act.Business (Item 1)

Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more

Laws and programs

Investment Company Act of 1940

subject to · 91.9% of our total assets consisted of qualifying assetsnamed as a risk

As of March 31, 2026, 91.9% of our total assets consisted of qualifying assets.Risk factors (Item 1A)

Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more

Regulated Investment Company (RIC) status under Subchapter M

subject to · at least 90%named as a risk

We will be subject to U.S. federal income tax imposed at corporate rates on our earnings if we are unable to qualify as a RIC under subchapter M of the Code.Risk factors (Item 1A)

U.S. tariffs (Trade Act of 1974 / IEEPA)

subject tonamed as a risk

Changes to U.S. tariff and import/export regulations may have a negative effect on the operations of our portfolio companies and, in turn, negatively impact us.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

Small Business Investment Act of 1958

subject tonamed as a risk

In addition, the SBA could revoke or suspend the SBIC Subsidiaries' licenses for willful or repeated violation of, or willful or repeated failure to observe, any provision of the Small Business Investment Act of 1958, as amended, or any rule or regulation promulgated thereunder.Risk factors (Item 1A)

Also named by FDUS, HTGC, MAIN